• 2017 February 17 12:30

    Port Authority of New York & New Jersey approves largest ever $32.2 billion 10-Year Capital Plan

    The Port Authority Board of Commissioners approved the agency’s largest ever $32.2 billion 2017-2026 Capital Plan, which reflects the agency’s continuing return to its core transportation mission and is expected to generate 235,400 job years and $56 billion in overall economic activity for the region, Port Authority of New York & New Jersey said in its press release.

    The plan allows for $11.6 billion in major redevelopment projects to advance at the region’s major airports during the next decade, including the $4 billion LaGuardia Terminal B replacement, the largest transportation public-private partnership in the United States. It also provides for the advancement of work on Terminal A at Newark Liberty International Airport and the redevelopment of John F. Kennedy International Airport, under which Port Authority investments are expected to leverage billions of dollars of private sector investment.

    At the agency’s tunnels, bridges and terminals, the plan provides $10 billion to greatly enhance trans-Hudson commuting, including the construction of new facilities and the upgrading of existing ones. Funds are included to complete the $1.5 billion Goethals Bridge Replacement, being done through the first true surface transportation PPP in the Northeast. It also provides funding to complete the rebuilding of the Bayonne Bridge, a $1.6 billion project that will effectively provide a brand new bridge for travelers and remove an existing navigational impediment to allow modern ships to pass underneath it and keep the ports competitive. The plan includes $3.5 billion to begin planning and construction of a new Port Authority Bus Terminal in Manhattan and nearly $2 billion to complete the largest overhaul and rehabilitation of the George Washington Bridge ever undertaken in the bridge’s 85-year history.

    The Capital Plan also includes funding to rebuild some of PATH’s aging rail stations and to upgrade other critical rail system infrastructure to ensure safety and service reliability. Funds also are included to plan and build an extension of the PATH system from its current terminus at Newark Penn Station to the Newark Liberty International Airport Air Link Station, a project designed to improve airport access and enhance trans-Hudson commutation.

    To further address the region’s critical trans-Hudson transportation needs, the plan also provides the largest contribution of any stakeholder to date — $2.7 billion — for the critical trans-Hudson rail tunnel link between New York and New Jersey and Portal Bridge North projects. The contribution will pay debt service on expected borrowing by the Gateway Program Development Corporation from low-interest federal Railroad Rehabilitation and Improvement Financing loans.

    The 10-year plan will accelerate the rebuilding of the region’s aging infrastructure by leveraging billions in private sector dollars including through public-private partnerships on major transportation and terminal projects, including those at the airports and bridges. The plan’s multi-billion investment is expected to result in the creation of 235,400 job years, $20 billion in total wages and $56 billion in overall economic activity.

    The approval followed a month-long public comment period – including two first-ever public meetings in each state that were attended by commissioners and agency leadership. Prior to the Board’s vote to move the proposed plan forward on January 5 for public comment, there was robust debate and discussion by Board members over how to parcel out limited resources to the agency’s growing list of capital investment needs.

    Since the Board’s January 5 meeting, the agency received 429 comments on its plan from 365 individuals. Fifty-five speakers attended the public meetings in both states to comment on specific items in the document and 9 people Tweeted comments about it. An additional 327 comments were emailed and 12 comments were received by mail. The Board of Commissioners received periodic summaries of the public comments prior to today’s Board meeting.

    The 10-year plan approved today includes $29.5 billion in direct spending on Port Authority projects and the $2.7 billion commitment to support debt service on the Gateway passenger rail tunnel project.

    The plan outlines specific funding commitments for major capital projects the agency will invest in over the next 10 years. All projects remain subject to Board authorization processes, and, before they proceed, are subject to a rigorous “gates” review process before they proceed that look at agency revenue and the ability to finance them.




2017 June 22

18:04 CMA CGM announces FAK rates from United Arab Emirates to East Africa
17:55 Throughput of port Kaliningrad in Jan-May'17 grew by 3% to 5.41 mln t
17:33 Throughput of port Vyborg up 10% to 501,400 t in 5M’17
17:16 Rudiger Grube named as new Chairman of HHLA’s Supervisory Board
17:04 Kalmar wins an order of six RTGs from Ports America Chesapeake in Baltimore, USA
16:37 Increase in cruise calls as sector grows at ABP South Wales
16:05 HHLA holds AGM, OKs distribution of € 46.7M to shareholders for the 2016FY
16:04 The world’s largest container ship makes its maiden call at Hutchison Ports Port of Felixstowe
15:45 Throughput of port Primorsk in 5M’17 is flat, year-on-year, at 27.46 mln t
15:44 MABUX: No upward drivers on global bunker market so far
15:24 Gasum increase its shareholding in Skangas
15:03 BIMCO, INTERCARGO, ICS and INTERTANKO unite to propose ambitious Co2 reduction objectives to IMO
14:33 TTS Group signs historical contract for Syncrolift® and transfer system
14:03 CMA CGM announces Overweight Surcharge from Italian ports to all Eastbound trades
13:38 IMO treaty covering removal of wrecks was under discussion at dedicated seminar in London
13:31 Kieler Woche draws cruise ships
13:15 Throughput of port Vysotsk up 15% to 7.73 mln t in Jan-May'17
13:11 Sweden’s Port of Kapellskär gets five modern quay-berths and a larger port area
12:53 Throughput of port Ust-Luga up 12% to 42.05 mln t in 5M’17
12:16 Throughput of Big Port St. Petersburg up 7% to 21.47 mln t in 5M’17
12:01 Sanmar constructs the world’s first remotely operated commercial vessel
11:24 Northwest Seaport Alliance handles record May international container volume
11:19 Africa Maritime cooperation centre holds first workshop
10:47 Maximum number of ships received by Passenger Port of Saint-Petersburg
10:20 SBM Offshore awarded turnkey and lease and operate contracts for the ExxonMobil Liza FPSO
10:11 Brent Crude futures price down 0.09% to $44.78, Light Sweet Crude – down 0.05% to $42.51
09:45 Port of Gdansk participates in Polish Days of the Sea in Slovakia
09:36 New car-and-passenger ferry deployed at Kerch Strait ferry line (photo)
09:18 Baltic Dry Index down to 844 points

2017 June 21

20:10 Combi Lift calls on Damen with 19 vessel order
20:05 Damen’s UK Sales Manager receives Lifetime Achievement Award
18:12 Icebreaker pier in Katajanokka (Helsinki) reinforced and extended for IB Polaris
17:51 ABP donates £1,500 to Felixstowe Volunteer Coast Patrol Rescue Service
17:30 Russian-Greek joint commission for maritime navigation held its first session
17:06 Eighty-seven Crowley vessels honored with Jones F. Devlin Awards recognizing 670 combined years of safe operations
16:47 GMN maritime technology project seeks stakeholder participation
16:25 Ha Noi will host Vietship 2018 on January 24-26
16:04 Diana Shipping announces time charter contract for m/v Protefs with Hudson
15:46 IMO’s Chris Trelawny was speaking at the Port Security Technology conference in London
15:34 Ulstein Verft earns ISO9001 certificate
15:04 14,000 TEU Tampa Triumph vessel makes maiden call at Gulftainer’s Northern Container Terminal in Saudi Arabia
14:52 Ukraine’s water transport carried 0.1 mln passengers in Jan-May'17, up 4.9%, Y-o-Y
14:33 Port of Grangemouth orders new Liebherr ship-to-shore crane
14:15 Sergei Khramagin re-elected as Director General of State Transport Leasing Company (photo)
14:03 Evergreen rolls out sea freight services for Alibaba.com members
13:51 Siem Offshore's subsidiary signs 2-year contract for anchor handling tug supply vessels
13:10 IAA PortNews offers a photo release from the ceremony for awarding of Ust-Luga Cup winners
13:02 Hapag-Lloyd to increase rates from East Asia to South America EC
12:52 Pacific Bulk Terminal will build state-of-the-art transshipment facility in Primorye
12:31 Incheon Port’s America Sea Route PS1 to commence the call at Tacoma Port
12:01 Teekay’s first LNG newbuilding carrier built in China completes sea trials
11:49 KOTUG expands fleet with 5th infield support vessel
11:25 Rosmorport long-term development program approved
11:00 ABS issues Approval in Principle for Chiyoda’s floating LNG power plant concept
10:40 DNV GL’s global network of verification experts to support major new contract with Maersk Oil
10:33 Cargo transportation by Ukraine’s water transport down 8.2% to 1.7 mln t in 5M’17
10:08 Brent Crude futures price down 0.26% to $45.90, Light Sweet Crude – down 0.14% to $43.45
09:40 IMO training workshop held in Durban focused on introduction of energy-efficient shipping on the curriculum
09:14 Baltic Dry Index down to 847 points

2017 June 20

18:36 CMA CGM RUS has moved